A California man has been sentenced to 78 months in federal prison for his role in a $250 million crypto theft operation. Authorities said the scheme targeted wealthy crypto investors across the United States through hacking, fraud, and physical theft.
US Court Sentences Marlon Ferro Over $250M Crypto Theft
In today’s crypto crime update, a US federal court has sentenced 20-year-old Marlon Ferro to 78 months in prison for his role in a massive crypto theft scheme that resulted in the loss of nearly $250 million in digital assets. Ferro, who was also identified online as “GothFerrari,” will additionally serve three years of supervised release after completing his prison sentence.
The court also ordered Ferro to pay $2.5 million in restitution. According to prosecutors, Ferro played a major role in a criminal network that targeted wealthy crypto holders across the United States between 2023 and 2025. Meanwhile, US Attorney Jeanine Pirro stated that the group used a hybrid theft strategy to gain access to victims’ funds.
Aside from hacking victims’ accounts or tricking them into handing over sensitive credentials, Ferro also reportedly broke into victims’ homes to steal hardware wallets when digital methods failed. Authorities said the combination of cybercrime and physical theft enabled the group to steal approximately $250 million in cryptocurrencies during the two-year operation.
Crypto Fraud Losses Continue to Surge Across the US
Recent data from the Internet Crime Complaint Center (IC3) shows that crypto-related crime has continued to rise sharply across the United States. According to the report, crypto fraud losses reached a record $11.3 billion last year, accounting for more than half of the $20.9 billion in total internet crime losses tracked by the FBI.
Interestingly, older citizens aged 60 and above were the primary targets. The age group reported $4.4 billion in crypto-related losses and filed 44,555 complaints. Across all forms of internet crime, the same demographic suffered the highest losses, with each victim losing more than $100,000 on average.
Crypto investment scams remained the largest source of damage. Authorities recorded more than 61,559 investment fraud complaints, resulting in roughly $7.2 billion in losses. Meanwhile, recovery scams have also surged. In such schemes, fraudsters impersonate law firms, government agencies, or even the IC3 itself to exploit previous victims. Authorities revealed that these scams generated 10,516 complaints and approximately $1.4 billion in losses.
Fraud routed through cryptocurrency ATMs and kiosks also continued climbing rapidly. The IC3 logged 13,460 complaints about crypto ATMs in 2025, totaling $389 million in losses. This represented a 58% increase in losses and a 23% rise in complaints compared to the previous year. Victims aged 60 and above accounted for $257.4 million of those losses across 6,188 complaints.
Authorities Expand Global Crackdown on Crypto Crime
The sentencing marks another major step in the US government’s ongoing crackdown on crypto-related cybercrime. Federal agencies have increasingly focused on tracking illicit blockchain transactions and dismantling organized fraud networks operating within the digital asset industry.
Interestingly, last month, officials announced that a global task force led by the FBI had arrested 276 suspects and disrupted 9 scam centers linked to cryptocurrency fraud. Authorities said the coordinated crackdown targeted organized cybercrime groups operating across multiple countries.
Despite rising enforcement efforts, experts warn that organized cybercrime groups will likely continue targeting the crypto market as long as digital assets remain highly valuable and globally accessible.
The CoinRemark Team
Josiah Oluwadare
